Group 1: Report Core Information - Reported company: Guilin Sanjin [16] - Industry: Traditional Chinese medicine [2] - Research date: May 20, 2025 [16] Group 2: Research Basic Information - Research object: Guilin Sanjin [16] - Industry: Traditional Chinese medicine [16] - Reception time: 2025 - 05 - 20 [16] - Reception staff: Host, Chairman and President Zou Xun, Director, Vice - President and Financial Officer Xie Yuan'gang, Vice - President and Board Secretary Li Chun, Independent Director Chen Liang [16] Group 3: Detailed Research Institutions - Reception object: All investors [19] - Reception object type: Others [19] - Reception method: Network remote [19] Group 4: Main Content Big Pharmacy - Reason for loss: Store expansion leading to large expenditures [23] - Function: An important part of the company's marketing strategy, expanding sales channels and perfecting the industrial chain [23] Sales Revenue Composition - Main income sources: Most from Chinese patent medicines, some from chemical drugs of Hunan Sanjin, and some from daily - chemical health products [23] - Key varieties: First - tier varieties like Sanjin Tablets series and Watermelon Frost series; second - tier varieties like Xuanyunning and Gejie Dingchuan Capsules; third - tier varieties in market development stage with small proportion [23] Dividend Policy - 2024 annual equity distribution plan: Proposed to distribute 3.5 yuan per 10 shares, totaling 206 million yuan in cash dividends, and also disclosed the 2025 mid - term cash dividend plan [24] Watermelon Frost Toothpaste - Product series: Yayanqing, Classic Anti - inflammation, Qingyan Toothpaste, etc. [25] - Current situation: Currently building sales channels, listed and promoted in second - tier and lower cities nationwide, mainly through supermarket channels and supplemented by online sales. The overall scale is small but in the growth stage [25] - Future plan: Leverage the company's advantages to expand the market scale [25] Subsidiaries in Shanghai - Baifan Bio: Affected by the investment and financing environment, with some idle production capacity in the short - term, but business development and customer resource accumulation have increased compared to 2023 [25] - Baichuan Bio: Multiple project pipelines are in the new drug R & D stage, with only a small amount of income from technical services, small revenue scale, large R & D expenditure [25] - Measures: Control costs and expenses, optimize the personnel structure, hire professional consulting companies, optimize R & D pipelines, and focus on projects like BC006 monoclonal antibody injection [26] New Drug R & D Progress - Progress: Advancing steadily according to the plan, and relevant information will be announced when significant progress is made [26] Second and Third - tier Varieties - Growth trend: Overall growth is better than first - tier varieties. Gejie Dingchuan Capsules may continue last year's growth rate; Xuanyunning series aims for double - digit growth this year; Lamotrigine Tablets aim to reach 100 million yuan in sales this year; other varieties strive for continuous breakthroughs and high growth rates [26][27]

/ 机构调研pro小程序 DJvanbao.com 中纺标分析师会议 调研日期：2025年05月16日 调研行业：专业服务 参与调研的机构：通过网络方式参加公司2024年年度报告业绩说 明会的投资者等 洞见研报 出品 : 的問悉各行业更流企业调研情况。 LIST 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击 ...

Group 1: Research Basic Information - The research object is Qiaqia Food, belonging to the food and beverage industry, and the reception time was on May 16, 2025 [8] - The listed company's reception staff included the chairman and general manager Chen Xianbao, vice - chairman and deputy general manager Chen Qi, etc. [8] - Participating research institutions included Dongxing Securities, CITIC Securities, Tianfeng Securities, etc., as well as some fund management companies and asset management companies [2][9][10] Group 2: Core Views - The company's future development depends on product innovation and product strength, and each double - digit growth is accompanied by the emergence of a new large - scale product series [21] - The company aims to expand sales volume and increase gross profit margin through category innovation, product innovation, and channel sales service innovation, while continuously improving supply chain efficiency [17][19] Group 3: Specific Content Summaries Reasons for the decline in the company's first - quarter gross profit margin - The decline in the first - quarter gross profit margin was mainly due to the increase in sunflower seed raw material costs (affected by continuous rain in Inner Mongolia, the mold rate increased, and the output of qualified raw materials decreased, leading to price increases) and the increase in the purchase price of some nut raw materials. Product structure also had an impact [17] Scale and future plans of Sam's Club and snack retail channels - Sam's Club revenue increased by 50 - 60% last year, and the snack retail channel doubled. The company will increase investment in these channels this year [17] Plans for the third - largest product category - In the short - to - medium term, the company focuses on nuts and melon seeds. The third - largest category, such as peanuts, is in the incubation stage, and the company hopes to become a leading brand in this segment. The fresh - cut fries have achieved revenues of several million yuan in less than a year [17] Overseas development strategy for konjac products - The company first conducts trial sales overseas, leveraging its brand and channel advantages [17] Sales channels for Kui Zhen products - Kui Zhen is sold both online (e.g., its official flagship store) and offline (e.g., Sam's Club and RT - Mart's premium stores), and will continue to expand in these channels [19] Company's competitive points for nuts - The most important thing for products is quality, and for nuts, freshness must be ensured [19] Company's learning from Coca - Cola and农夫山泉 - These two companies are learning examples for Qiaqia Food in terms of products, channels, and brands. Qiaqia Food focuses more on product raw materials due to its high direct raw material cost ratio and is seeking a suitable model for itself [20] Company's view on KA direct - sales channels - The company pays attention to changes in offline retail channels, hopes that each link in the value chain can obtain reasonable profits, and will actively embrace the trend of KA direct - sales and explore a suitable cooperation model with distributors [20] Company's R & D considering population aging - The company has considered population aging in product R & D, such as nut powder products, and will develop specialized deep - processed products for the elderly. It has also launched low - GI nuts for people with sugar - control needs, and health is one of the future R & D directions [21]

Group 1: Report Overview - Reported company: Muyuan Foods Co., Ltd. [16] - Industry: Agriculture, Animal Husbandry, Feed, and Fishery [2] - Research date: May 16, 2025 [16] Group 2: Research Participants - Institutions and individuals participating in the research: Hu Peng, Dai Xuesong, Bai Xue, Bao Haibin, Zhang Tao, Liu Youzhi, Zhang Erkuan, etc. [19] Group 3: Chairman's Speech - Past decade achievements: The company has continuously improved in business, internal governance, and compliance, with shareholders' support, improved internal governance and successor systems, and emphasized compliance and social responsibility [23] - Accumulated capabilities: Product, service, industrial chain comprehensive development, and modern technology application capabilities [24] - Future plans: Strengthen pig - raising production capabilities to create greater value [25] Group 4: Cost Reduction and Future Outlook - Current cost: In April 2025, the full - cost of pig farming reached 12.4 yuan/kg, with a target of 12 yuan/kg this year, and excellent field lines can control it below 11 yuan/kg [26] - Cost reduction paths: Improve disease prevention and control, build a scientific breeding system, promote low - soybean diet technology, and apply intelligent equipment [26] - Value - added goals: Achieve a 600 - yuan cost reduction and 100 - yuan value - added per pig through an integrated industrial chain and consumer - oriented breeding [27] Group 5: Intelligent Application - Personnel training: Intelligent application is integrated into corporate culture and management, promoting experience sharing [28] - Health management: Intelligent pig houses maintain suitable temperatures, improving production indicators and reducing labor dependence [30] - Feed nutrition: Intelligent application enables precise feed formulation and reduces labor intensity [30] - Breeding: Build a high - value breeding platform to improve breeding efficiency and pig performance [30] Group 6: Slaughter and Meat Business - Business improvement: In Q1 2025, the slaughter and meat business improved significantly, and will increase investment in segmentation and R & D to meet consumer needs [31] Group 7: International Development - Motivation: Inspired by the Party's speech, aiming to share experience globally and promote the global pig - raising industry [32][33] - Plans: Cultivate international talents, pursue capital internationalization through a Hong Kong listing, and is in the early stage of internationalization [33][34] Group 8: Investor Return - Foundation: Stable operation and continuous profit are the basis for investor returns [36] - Dividend policy: Adjusted the cash - dividend ratio from 20% to 40% in 2024 - 2026, with a record - high dividend of 7.588 billion yuan in 2024 [36] - Market value management: Developed a market value management system and will adapt return plans to the company's development [36] Group 9: Debt and Capital Expenditure - Debt reduction: The asset - liability ratio has been decreasing since early 2024, and the company aims to reduce the debt by about 10 billion this year [37] - Capital expenditure: This year's capital expenditure is about 9 billion, and future expenditure will be further controlled [37]

Group 1: Report Overview - Reported industry: Food and Beverage [2] - Research object: Fuling Zhacai [16] - Reception time: May 15, 2025 [16] - Company reception staff: Company director, board secretary, deputy general manager, and financial officer Wei Yongsheng [16] Group 2: Research Institutions - Institutions participating in the research: Xingquan Fund, Huatai Securities, Taibao Asset Management, Huatai Asset Management, Tianye Fund, Huatai Insurance Asset, Xiaoyong Fund, Hundun Investment, Himalaya Capital Management, Bojun Capital, Point72 [17] - Proportion of research institutions: Fund management companies 8%, securities companies 8%, asset management companies 17%, others 58%, investment companies 8% [19] Group 3: Core Insights Market competition strategy - The pickled vegetable market is a stock competition. The company is implementing a long - term "expand categories, expand channels" strategy, developing new products, expanding emerging and catering channels, and conducting targeted blasting projects in competitive markets [23] Effect of new cellar capacity - In late 2024, about 30,000 tons of new cellars were put into use. The increase in cellar capacity helps control raw material prices. The company has purchased more green vegetables at lower prices in the past two years, reducing the proportion of semi - finished product purchases and improving cost control [23] Effect manifestation of improvement measures - After last year's research, adjustment, and implementation, the company's external targeted blasting projects have shown initial results, and internal organizational structure and business line improvements are ongoing [23] Reason for slow growth in emerging channels - The company's main channels are traditional offline channels. Although it has entered emerging channels such as e - commerce, community group - buying, and snack stores, the e - commerce channel has intense price competition, lower profit margins, and higher costs [23] Impact of white - label products on online sales - The company's products are positioned in the mid - to high - end market. White - label products do not meet consumers' growing demand for food health and safety, and the company competes by offering products in different price ranges [24] Growth of catering channels - In 2024, the catering channel grew by 30%. The company initially entered with pickled mustard products and later increased the variety of radish and pickles [24] Consideration for mergers and acquisitions - The company lacks experience in compound seasonings. The compound seasoning market has large potential, and through mergers and acquisitions, it can quickly enter the market and achieve product - channel complementarity [24] Promotion expense arrangement - The company had low promotion expenses in Q1 this year. It will increase investment in Q2 according to consumption demand and new product launches, with an expected annual increase compared to last year [25] Attempts at casual products - The company tried pickled mustard casual products in 2023 with the launch of Xiaocuikou, but has not provided large - scale promotion support [25] Effect of flexible production improvement - After internal organizational structure adjustment, the company has shortened the new product development cycle, enabling a faster response to terminal demand and customized products [25] Incentive plan - The company is promoting relevant incentive plans as needed and will announce them if there are arrangements [26]

Group 1: Report Overview - The report is about a research on Qingdao Bank in the banking industry, with a research date of May 16, 2025 [1][2][16] Group 2: Research Participants - The participating research institutions include Industrial and Commercial Bank of China Wealth Management, Changjiang Securities, CITIC Securities, Huaxia Fund, Changxin Fund, etc [2] - The types of participating institutions and their proportions are: other financial companies 8%, securities companies 33%, fund management companies 42%, property - insurance companies 8%, and trust companies 8% [19] Group 3: Core Views - Qingdao Bank achieved good growth in revenue and net profit in Q1 2025. The bank expanded the scale of interest - earning assets, increased the proportion of high - yield assets such as loans, and achieved significant cost - reduction and efficiency - improvement results on the liability side. The net interest margin was flat year - on - year and increased by 0.04 percentage points compared to 2024. The bank also increased non - interest income through bond profit - taking operations. In Q1 2025, the company's operating revenue was 4.047 billion yuan, a year - on - year increase of 357 million yuan or 9.69%. The net profit attributable to the parent company's shareholders was 1.258 billion yuan, a year - on - year increase of 177 million yuan or 16.42% [22] - As of the end of March 2025, the bank's non - performing loan ratio was 1.13%, a decrease of 0.01 percentage points from the beginning of the year, and the provision coverage ratio was 251.49%, an increase of 10.17 percentage points from the beginning of the year. The bank will continue to strengthen credit asset quality management and is expected to maintain a stable and improving asset - quality trend [23]

联合精密分析师会议 调研日期：2025年05月16日 调研行业：通用设备 参与调研的机构：线上参与公司2024年度网上业绩说明会的全体 投资者等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | 的研究次数:8 | 上机构馆:23 | | 定年代的:用者点击:我要的中:主要原因 | | | START SHILL CARD | | | 颜的集团 | | | 例体位次数 4 | 24/40 33 | | FININ EXIAN, BENN, LEWI | | | 極力集团 | | | · 例计以上的 8 | 品机构管 23 | 构市场到断信记 关注公众号即可体验 机构 ...

Report Overview - The report is a record of the analyst meeting of Fengzhushou on May 16, 2025, covering the company's development strategy, business growth points, financial performance, and other aspects [1][24] 1. Report Industry Investment Rating - No relevant information provided 2. Report's Core View - Fengzhushou will adhere to the development strategy of "one foundation, two directions" in the next 2 - 3 years, with "comprehensive operation of digital products" as the foundation and "Internet of Things (IoT) traffic operation and solutions, cloud terminal product R & D and cloud computing power operation" as the two R & D directions, forming three business growth curves [24][30][31] - The cloud terminal product and computing power operation segment will be the most promising business segment in the next 2 - 3 years, with a "2C + 2B" dual - wheel - driven product matrix planned [32] 3. Summary by Directory 3.1 Research Basic Situation - Research object: Fengzhushou - Industry: Not specified - Reception time: May 16, 2025 - Reception personnel: Chairman and General Manager Luo Hongpeng, etc. [17] 3.2 Detailed Research Institutions - Reception objects: Investors' online questions, others - Reception object type: Not specified - Institution - related personnel: Not specified [20] 3.3 Research Institution Proportion - No relevant information provided 3.4 Main Content Data 3.4.1 Future Development Plan - The company will adhere to the "life + technology" business philosophy, with "comprehensive operation of digital products" as the foundation and "IoT traffic operation and solutions, cloud terminal product R & D and cloud computing power operation" as the two R & D directions, forming three business growth curves [24][30][31] 3.4.2 Profit Growth Points - Digital product comprehensive operation segment: Expand new channels and innovate service models - IoT traffic operation and solutions segment: Improve core technologies, increase R & D investment, and launch new products - Cloud terminal technology R & D and computing power operation segment: Launch service products for 2C and 2B markets [28] 3.4.3 2024 Financial Performance - Operating income: 1.5386498 billion yuan, a year - on - year increase of 30.5% - Net profit attributable to shareholders of listed companies: 133.7567 million yuan - Net profit attributable to shareholders of listed companies after deducting non - recurring gains and losses: 131.3226 million yuan [33] 3.4.4 Cloud Terminal Product and Computing Power Operation Segment - It is the most promising business segment in the next 2 - 3 years. The company will invest in R & D of end - to - end cloud terminal full - stack technology solutions and plan a "2C + 2B" product matrix [32] 3.4.5 AI Cloud Phone - It is the core strategic direction. The company adopts a progressive R & D strategy and expects to contribute to revenue growth [41] 3.4.6 Digital Product Comprehensive Operation Segment Growth Sources - Channel expansion: Expand 5 target industry channels - New customer development: Win cooperation projects with multiple leading enterprises [46] 3.4.7 Smart City Field - Products include urban - level smart parking operation system solutions, etc., which have been implemented in Guangdong, Sichuan, Hubei and other regions [48] 3.4.8 2025 Profit Distribution and Capital Reserve Conversion Plan - Plan to distribute a cash dividend of 1 yuan per 10 shares (tax included) and convert 3 shares per 10 shares from capital reserve. The plan needs to be reviewed by the company's general meeting of shareholders [56] 3.4.9 2024 Raised Funds Use Adjustment - Adjustments include new investment projects with over - raised funds, project progress adjustment, temporary replenishment of working capital, and cash management. The adjustments are in line with the development strategy and the interests of shareholders [56][57] 3.4.10 Market Value Management - In 2025, the company will take market value management as an important task, including formulating goals and work plans, improving information disclosure, and implementing share repurchase and employee equity incentive plans [59]

Report Summary 1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints - The company is committed to creating long - term and stable returns for shareholders, with a high - proportion and stable dividend policy. It also has a clear plan for future development, aiming to become an international leading supply - chain operator and enhance its overall competitiveness through multiple strategies [24][25][30]. - The company's supply - chain business has achieved good results in international layout, market share, and profitability, and will further improve its performance through professional, international, digital, and other means [26][27][30]. - The company's real - estate business, represented by Jianfa Real Estate, has a clear development strategy to maintain its industry advantage, focusing on product innovation, service improvement, inventory management, and industrial chain synergy [40][41][42]. 3. Summary by Directory 3.1. Basic Research Situation - Research object: Jianfa Co., Ltd. - Industry: Trading industry - Reception time: May 15, 2025 - Reception personnel: Chairman Lin Mao, Independent Director Wu Yuhui, Deputy General Manager and Board Secretary Jiang Guizhi, and Financial Controller Wei Zhuo [17] 3.2. Detailed Research Institutions The reception objects include investors' online questions and others [20] 3.3. Research Institution Proportion No information about the research institution proportion is provided in the report. 3.4. Main Content - **Dividend Policy**: In 2024, the company's total cash - dividend plan was 0.7 yuan per share (tax - included), with a total dividend of 2,062,966,640.70 yuan. The dividend ratio in 2024 was 70.03% of the net profit attributable to the parent company, an 11.32 - percentage - point increase from the previous year. The company promised to distribute at least 30% of the available distributable profit and no less than 0.7 yuan per share in 2024 and 2025. It also actively explored multiple - time - a - year dividend methods [24][25] - **Supply - Chain Business - International Layout**: By the end of 2024, the company had over 50 overseas companies and offices, with overseas business exceeding 10 billion US dollars, a year - on - year increase of about 12%. Business with ASEAN, RCEP, APEC, and Belt and Road countries increased by about 30%, 28%, 17%, and 17% respectively [26] - **Supply - Chain Business - Market Share and Profitability**: In 2024, the company's main commodities' operating volume exceeded 220 million tons, an increase of nearly 8% year - on - year. The supply - chain business achieved a net profit attributable to the parent company of 3.506 billion yuan in 2024 and 848 million yuan in Q1 2025, a 9.72% year - on - year increase [27] - **Supply - Chain Business - Future Profitability Improvement**: The company will adhere to professional, international, and digital development, and strengthen logistics and investment support. It will focus on core categories, expand overseas markets, integrate AI and digital technologies, and optimize the global logistics network and resource investment [30][31] - **ESG Performance**: The company adheres to the concept of sustainable development, improves the ESG management system, and its international and domestic ESG scores and ratings are continuously increasing. The international score from S&P has jumped from 28 to 45 points, ranking among the top 12% globally [33] - **Assisting Industrial Customers to Go Global**: The company provides a customized "LITF" supply - chain service system, including logistics, information, finance, and business services. It has successful cases such as the Malaysia United Iron and Steel Project, Qing Shan Industry, and Zhejiang Xinshengda and Shandong Sun Paper [34][38][39] - **Real - Estate Business - Jianfa Real Estate's Future Strategy**: Jianfa Real Estate will focus on product innovation, service improvement, inventory management, industrial chain synergy, and digital transformation to maintain its industry advantage [40][41][42] - **Real - Estate Business - Land Reserve**: In 2024, the company acquired 26 high - quality land parcels with a total acquisition cost of 63.5 billion yuan, 97% of which were in first - and second - tier cities. By the end of 2024, the unsold land - reserve value in first - and second - tier cities accounted for about 80%, a 6 - percentage - point increase from the previous year [43] - **Real - Estate Market Outlook and Investment Strategy**: The real - estate market is expected to bottom out, with increasing differentiation. The company will maintain a cautious and positive attitude in land investment, focusing on core cities [45] - **Good - House Definition and Product Strategy**: The company explores the concept of "good houses" in terms of green environmental protection, low - carbon energy conservation, intelligence, and safety. It has launched relevant product projects and will continue to improve product competitiveness [46][48] - **Other Issues**: The company has no plan to merge Lianfa Group and Jianfa Real Estate. The Yanggu Jianfa plans to produce 400,000 tons of cathode copper in 2025, and the Jianfa Shenghai project is expected to be put into operation in May 2026. The company has the possibility of mid - year dividends in 2025 and will explore other market - value management tools [53][55][56]

Group 1: General Information - Research object: Toread [16] - Industry: Textile and Apparel [16] - Reception time: May 16, 2025 [16] - Company reception personnel: Director and President He Huajie, Independent Director Liu Di, Financial Controller Xue Liangfeng, and Board Secretary Zhang Zhifei [16] Group 2: Research Institutions - Relevant personnel: Online investors participating in the company's 2024 online performance briefing [19] - Reception object type: Others [19] Group 3: Main Content Product Advantages and Future Plans - Since its establishment in 1999, the company has focused on outdoor product R & D and innovation, providing clothing equipment for national - level projects. It will leverage existing advantages to make new breakthroughs in intelligent equipment products [23] - The company plans to use offline stores for sales, currently focusing on product R & D and iteration, and is in contact with scenic areas [24] Product Technology and Market - G2Touch has broken through product limitations, entered new - generation display touch products to leading customers, completed new - product verification in the automotive field, and developed large - size, high - performance touch chips for automotive OLED flexible screens. The current customers are BOE, Samsung (SDC), etc [24] - The company's MiniLED display driver IC products have patents and unique technologies. Although MiniLED application promotion is currently not as expected, the company is focusing on scenarios where AM advantages can be fully utilized [24][25] R & D Progress - The lower - limb exoskeleton product jointly developed by the company can achieve intelligent human - machine interaction recognition. It is currently in the systematic R & D stage, and the form of commercialization will be determined based on optimization [24] - The company's exoskeleton products are expected to be launched by the end of this year [27] Business Expansion - The company has begun to deploy in the AI field, introducing AI to improve management and operational efficiency, focusing on AI - assisted outdoor product design and video generation, and will continue to explore new business - growth models [28] - The company has a "outdoor + chip" dual - main - business strategy, planning to integrate chip business and resources through internal growth and external mergers and acquisitions to increase the revenue and profit proportion of the chip business [28]